Moderna Lowers 2024 Sales Outlook for COVID-19 and RSV Vaccines

Moderna Cuts Forecast Amidst Declining Sales

On August 1, 2024, at 3:30 AM PDT, Moderna Inc. announced a reduction in its 2024 sales outlook for its COVID-19 and respiratory syncytial virus (RSV) vaccines. The announcement sent Moderna's shares plummeting.

2024 Forecast Revised

Moderna now projects product revenue for 2024 to range between $3 billion and $3.5 billion, down from its previous estimate of $5.3 billion to $5.9 billion. This decrease primarily results from lower sales expectations in the European Union and other regions outside the United States.

COVID-19 Vaccine Sales Decline

Moderna attributed the reduced sales outlook to a decline in COVID-19 vaccine demand following the initial surge in vaccinations during the pandemic. The company anticipates low sales in the European Union in 2024.

RSV Vaccine Sales Impact

The forecast also reflects lower-than-expected sales for Moderna's RSV vaccine, which was approved in December 2022. The company faced challenges in ramping up production and meeting the anticipated demand.

Financial Implications

The downward revision in sales expectations could have significant financial implications for Moderna. The biotech company is heavily reliant on revenue from its COVID-19 and RSV vaccines, which accounted for the majority of its revenue in recent years.